Notice regarding Conversion of Financial Products

NZX Code: ATM
ASX Code: A2M

8 March 2021
NZX/ASX Market Release

Notice regarding Conversion of Financial Products

For the purposes of NZX Listing Rule 3.15.2 and ASX Listing Rule 3.10.7, The a2 Milk Company (NZX: ATM, ASX: A2M)
provides notice that the following securities have become convertible into fully paid ordinary shares (Ordinary
Shares) in connection with its Long Term Incentive Plan (LTI Plan), and have been converted, as set out below.

No new ordinary shares have been issued in connection with the conversion.

(a) Number of Financial Products converted
and the number and Class of Quoted
Financial Products into which they have
been converted:
297,300 performance rights (granted under the Company’s
FY18 LTI Plan) converted into 297,300 Ordinary Shares,
resulting in 266,545 Ordinary Shares being transferred from the
a2MC Group Employee Share Trust (Share Trust) to FY18 LTI
Plan participants, and 30,755 Ordinary Shares being withheld
by the trustee of the Share Trust (Trustee) to satisfy the
Company’s withholding tax obligations for U.S. based LTI Plan
participants. The Ordinary Shares were acquired on-market by
the Trustee for this purpose.
(b) Event giving rise to the right of
conversion:
Issue of vesting notifications from the Board following
satisfaction of vesting conditions that include performance
hurdles.
(c) Details of any interest or dividend
conditions attaching to the Financial
Products into which they have been
converted:
None
(d) Number of Financial Products of the
same Class remaining to be converted:
820,535 performance rights
(e) Conversion period: From 8 March 2021 to 8 June 2021
(f) Date of conversion: 8 March 2021

The a2 Milk Company Limited
Authorised by Jaron McVicar,
General Counsel and Company Secretary

For further information, please contact:
David Akers
Head of Investor Relations
T +61 2 9697 7013 l M +61 412 944 577
david.akers@a2milk.com